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| Valley Office 28 Imperial Drive Staunton, VA 24401 540.213.8700 | Lexington Office 116 N Main Street Lexington, VA 24450 540.464.1128 | Waynesboro Office 121 S. Wayne Avenue Waynesboro, VA 22980 540.213.8700 |
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Once the seller accepts your offer, you may think you will have loads of free time. Think again. There i
s a lot of work to be done to make sure the process goes smoothly and you actually get to the closing table.
Once the contract is ratified, your escrow is deposited and it is time to order inspections and proceed with securing a loan. It all may sound complicated but, rest assured, your Valley Real Estate Broker’s agent understands the process and can guide you through every step.
You may only have 5-10 days to organize a professional home or radon inspection, so order the inspection as soon as you can. You will also want to begin shopping for a loan. You may want to work with the lender who you were pre-qualified with or you may decide to shop around. Keep in mind that you will have a much higher likelihood of completing a smooth closing if you decide to take a mortgage through a local lender with on-site underwriting capabilities. The mortgage process can be daunting, especially in today's market. Understanding exactly what documentation your lender requires and getting the paperwork filed in a timely manner will help the lender get you a clear mortgage commitment letter by the contingency date. The lender will also require an appraisal, which will be organized through the bank and listing broker. Once loan approval is received and inspections satisfied, your agent will provide you with a list of qualified settlement agents and insurance companies and will provide guidance with any other services needed.
Depending on the time of year you plan to move, you will want to book a moving company well in advance. Moving companies tend to be especially busy from April to August.
Near but prior to the day of closing, you and your agent will do a walk-through inspection of the property to make sure no significant damage was done since you last saw the property. Also check that any work the seller agreed to complete has been done in response to your initial inspection. You will also receive a HUD statement from your settlement agent to review. This is a breakdown of all the costs associated with the purchase, both for you and the seller. Remember to bring your driver's license or another form of photo ID to the closing along with a certified check for closing costs and other expenses that may need to be paid.
Pick up your keys and welcome to your new home!
